As investors Emerging Markets’ anxiety spreads globally with ETF outflow across all EM ETFs soaring to the highest since Jan 2014…

In fact, as Bloomberg reports, outflows from U.S.-listed exchange-traded funds that invest across developing nations as well as those that target specific countries totaled $2.7 billion in the week ended June 15, the most in over a year and more than seven times the previous week.

The ‘baby’ is being thrown out with the ‘bathwater’ as even countries with solid prospects for growth and debt financing haven’t been immune to the selloff. South Korea and Thailand, which have current-account surpluses, are among the six-worst emerging currencies this month.

“The statistics itself reflect worries about emerging markets in terms of the growth outlook, in terms of what the Fed tightening means,” said Sim Moh Siong, a currency strategist at Bank of Singapore Ltd.

“We’re starting to see a blurring of the differentiation between current-account deficit currencies and current-account surplus currencies. That reflects the worries about trade-war jitters.”